2890 N. Main Street, Suite 206 • Walnut Creek, CA 94597

Loans to Adult Children Must be Addressed in Estate Planning

Loans to Adult Children Must be Addressed in Estate Planning

Mary and Thomas Charleton had five adult children.  Unfortunately, not all of them had the means to purchase their own homes. So after each child married, the Charletons offered them a low interest loan to cover the down payment, up to a certain dollar amount.  All of the children took advantage of the offer.

By the time Mary died—at age 62–three of the loans had been repaid in full. However, the couple’s daughter, Dory, made a partial repayment. When she got divorced after five years of marriage and was forced to sell that home, Dory decided she should no longer be required to repay the loan.  A son, Robert, figured the amount of the loan would just be taken out of his share of his parent’s estate.  He was fine with that.  He made no effort to repay the loan.

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Choose Your Executor Wisely

Choose Your Executor Wisely

Robert Manning thought long and hard about the appointment of the executor of his will. He could appoint his wife, but there was a chance he might outlive her. And his wife tended to get a bit scattered when under pressure. Robert wasn’t sure if she could withstand the constant harping of relatives he was sure would show up expecting a handout.

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Blended Families: Preplanning is Essential

Blended Families: Preplanning is Essential

When Miranda Jones married Scott Ludlum, with their six children in total, they anticipated a Brady Bunch existence. For many years, they co-existed peacefully, then Scott became seriously ill. It seems upon marriage to Miranda, Scott had failed to update his Living Will, Financial and Healthcare Powers of Attorney, and HIPAA Release. In all of those documents, Scott had appointed his former wife, Lenore, to make healthcare and financial decisions should Scott be rendered incapacitated.

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Changing Times Alter Retirement Planning

Sally Janes could not wait to retire.

She and her husband, Ben, had been saving for retirement since their children had completed their college degrees. They decided the “magic number” was age 65, when they would qualify for 90 percent of their Social Security benefits. Combined with their respective retirement plans and savings account, the money from Social Security would permit them to live in comfort for the rest of their lives.

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Scammers Use Crafty Schemes to Target Victims

It began on a sunny Saturday morning, when 70-year-old Sandra Johnson’s phone rang.

“Sandra, Sandra Johnson?” the caller asked.

“Yes, that’s me,” she responded.

“I’m pleased to inform you that you have won the Clearinghouse Sweepstakes, a grand prize of $1 million! Unfortunately, when we went to your address to deliver the check, no one was home. Before we go further, could you verify your address for me?”

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When Disaster Strikes, Be Prepared!

Chuck Meiers was nestled in his bed when the call came. “Is this Charles Meiers? The owner of the building at Morgan and Main, CM Towers? I believe your business, CM Law, is the sole tenant there?” “Yes?” “Sir, this is the San Valdeos Fire Department. We responded to a fire alarm at your building. There is a lot of black smoke coming out of your roof. It appears your building is on fire.”

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When Creating a Will, Words Matter

When Creating a Will, Words Matter

Barry Donovan died a happy man. Not only was he joining his late wife, Sarah, in the great beyond, he was also confident his assets would be fairly distributed in accordance with his will.  Several days after he had been laid to rest, Barry’s five children—James, John, Sarah, Sally, and Iris—and his surviving siblings—Joseph, Sally, and Sarah—gathered for the reading…

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Issues with Probate – Part V

Failure to timely probate estates creates problems for heirs

When Franklin Davies died, his wife, Jennifer was quite confident that all their ducks were in a row.

After Franklin inherited a significant number of assets from his father, Harold, the couple decided to create a Living Trust and place most of those assets in the trust for the benefit of their children. Among those assets was a beachfront home. Eventually, Franklin and Jennifer decided to make that home their main residence.

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2890 N. Main Street, Suite 206
Walnut Creek, CA 94597

925.943.2740

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